US banana group agrees to $1.3bn takeover by Brazi's Cutrale-Safra after
abandoning inversion deal with Fyffes

US banana group Chiquita Brands has recommended a $1.3bn (£807m) takeover by Brazilian juicemaker Grupo Cutrale and investment firm Safra just three days after shareholders voted against a tie-up with Irish peer Fyffes.

Cutrale-Safra have offered $14.50 per share in cash to Chiquita shareholders.

Last Thursday, Cutrale-Safra raised its all-cash offer to $14.50 a share from $14 in a last-ditch attempt to persuade Chiquita investors to vote against the Fyffes deal.

Cutrale’s agriculture business focuses on oranges, apples, peaches, lemons and soyabeans and is offering Chiquita the benefit of its “farming, processing, technology business.” Meanwhile Safra Group has assets of $200bn under management.